Race is on for second place after Apple's $1 trillion valuation

Masters of the Universe Apple First Company Worth $1 Trillion The Associated Press 2 Aug 2018

Kelvin Reese
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04 August, 2018, 14:15

Apple Inc. became the first USA company ever to hit $1 trillion in market value on Thursday.

Jobs eventually shepherded a decade-long succession of iconic products such as iPhone that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

Apple's stock hit a high of $207.05 per share in trading just before noon ET, putting it at the $1 trillion mark.

"We think the lesson Apple's management has learned from the iPhone X [which retails from £999] is when you sell a smartphone for more than $1,000 you can sell fewer units and still reap the financial benefits", DA Davidson analyst Tom Forte said.

Chinese oil and gas firm PetroChina was the first company to exceed a $1tr valuation in 2007, before its share price fell shortly after its IPO. That company is now worth about $205 billion.

"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", said Luca Maestri, Apple's CFO.

"The $1 trillion mark is more psychological, and sends a message of growth and size into the market", said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

The company also boosted its revenue from services, including Apple Music and the app store.

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In its quarterly 10-Q form submission that took place last Wednesday, Apple disclosed that it possessed 4,829,926,000 shares as of July 20, 2018.

His successor and incumbent Apple CEO Tim Cook, meanwhile, is downplaying the valuation.

Much of Apple's success is due to the iPhone, which remains the company's most popular product by a significant margin.

The memo, shared by Buzzfeed, paid homage to Steve Jobs, with Cook reasserting that "Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do".

Amazon, Microsoft and Alphabet are in a tight race to become the second USA company to reach the $1 trillion milestone. The company owes its success to a number of new and novel products that not only revolutionized the technology industry but, in many ways, changed the entire world.

While Apple expands its lucrative service offerings, Michael says the iPhone is still a profit machine...

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